Study: Young Millionaires Are More Generous

According to the Fidelity Millionaire Outlook study, Generation X and Millennial millionaires are much more generous than their older counterparts. According to the study, on average, rich young Americans give about $54,000 away to charity each year. By comparison, Baby Boomer millionaires, give just $12,000 on average. The research showed that whopping 82 percent of the younger millionaires volunteer their time or serve on the board of a non-profit or charity organization. For Boomers, that number is just 49 percent. The study points to the tech industry—which is home to hundreds of self-made super-rich—as an example of how young millionaires are using their wealth to help solve global problems. Last year, some of the wealthiest tech leaders (like Mark Zuckerberg and Google’s Sergey Brin) contributed $1.4 billion to global charities …